Rights and Responsibilities

Rights and Responsibilities

A loan is a serious financial obligation entailing legalities stipulated within the Promissory Note. The Promissory Note is a legally binding contract and is evidence a borrower has received a loan. Borrowers are responsible to keep records regarding their loans until the debt has been paid in full. Borrowers are entitled to know the full amount of their loan, interest rate, and repayment schedule. Borrowers may be entitled to deferment, postponement, and cancellation of their loans if specified in their promissory note(s). This information, and much more, is provided during the exit interview process.

Updating Borrower Information

You must contact Student Loan Collections if you:

  • withdraw, drop, transfer to another school or leave the University of Michigan;
  • drop academic credits below half-time status;
  • change you address, phone number(s) or email address(s);
  • change your name and/or social security number;
  • become eligible for a deferment or cancellation as described in the borrower's promissory note;
  • becomes ineligible for a deferment and/or cancellation that has been granted; or
  • are unable to make a scheduled payment.

Borrower's may update contact information via the Heartland ECSI website. The borrower will need their key and the University of Michigan school code S5.

Exit Interview

Federal regulations require borrowers to complete an exit interview if they drop below half-time student status, graduate from the University of Michigan or leave the U-M to attend school elsewhere.  You will receive notification from ECSI when your exit is available to be taken electronically. The first time you access Heartland ECSI you will need to register. To register click on the button at top right of the screen. After registering and connecting to the University of Michigan, go to Student Loans and Receivables link and select the Document tab for your exit interview. Click the Review and Sign button to complete the exit interview.

If you have any questions about the exit interview contact the Student Loan Collections Office.


Borrowers are responsible to repay their loan(s) according to schedule even if they do not complete a degree or are dissatisfied with their academic experience.

Statements are provided by the University of Michigan's billing service, Heartland ECSI, approximately 10 to 15 days prior to the due date. Failure to receive a statement does not exempt a borrower from payment. In the event that a borrower does not receive a statement, remittances can be made directly to The University of Michigan. Payments should be made payable to the University of Michigan and display the borrower's full name, the last four digits of the borrower's social security number, or the borrower's UMID.

Prepayment of Loans

A borrower may prepay all or any portion of the principal plus accrued interest at any time without penalty. Payments are applied to outstanding collection costs, late fees, and interest charges before being applied to the principal. The balance of the loan is not reduced by the total payment amount; it is reduced only by the amount applied to principal. If no other charges are due, the entire payment is applied to principal.

Amounts paid during the academic year in which the loan was made will be used to reduce the amount of the loan. These amounts are not considered prepayments. All other payments made in excess of the amount due will be used to reduce principal, unless the borrower clearly designates in writing that excess amounts are payments toward future installments. These payments should be sent directly to the Student Loan Collections Office.